I am the buyers agent...LP was $224,332...Cash offer: $190,000...2 days after makng offer buyers and I go by property- field services is drivng out - with copper pipes!! Water drippng in basement from pipes ripped out. LA comes back with: Change offer to $187,000-compensate $3000 for pipes. (Estimate included; police report filed with BOA) Appraiser from out of town (hour away) appraises the house at
$225,000 - LA and myself have included comps that reflect the property needs work (roof, bath, floors)and the exact same house completely (roof, bath,floors, kitchen) redone sold for $221,000 less than a month ago.Another sale nearby was $187,000. LA again sends in comps, police report, estimate to repair pipes;negotiator counters with $205,000- buyers say $193,000 BUT want $3000 back at closng for pipe repairs (as agreed).Negotiator tells LA he'll have to speak to manager but we never hear from him again. Now -Friday aftenoon LA says the filed is "denied" and closed. (Suprise!)
Buyers can close tomorrow but will not go higher than that since the house needs so much work-HELP!!
Advice??!!
Tags:
Peggy - Resubmit the offer.
Advice... Don't bring your buyers through Bank Of America short sales.
Submit a new offer that refects the damage. Unlikely you will get the same BOA negotiator again. Listing agent needs to be proactive instead of waiting to hear from BOA.
Re-summit
I would immediately escalate it to their escalation department. A contact I received from a HAMP escalation action is Behrea, Madhu S. 912.239.6511 (9:30 AM to 12 AM ET).
Absolutely resubmit! You will never get the same negotiator. Also, in friendly way, try to educate the LA.
Thank you Don, but it HAMP doesn't advise on Short Sales..
Makes no rhyme or reason...what the banks are thinking except that they have been bailed out, and their decisions are arbitrary and it is just too bad for us who are trying to make a living. The Facts do not matter only they do!
Here is a B of A story that goes the opposite direction…
We had an all Cash offer on a property that is a SS at $330K no appraisal, to close upon acceptance of the SS by the bank. (Keep in mind that this property is a custom built home less than 10 yrs old) a bargain at $330K. B of A came back at under $200K. What is up with that? Property closed at the B of A price!
That's totally whacky!
As a Buyer's Agent you can not interact with the bank. Give the listing agent the following info...it will get things moving
Crystal marie Dingman
VP; MTG SERVICING UNIT MGR I
SIMI – ESCALATIONS
Email: [email protected]
Laura L. Marquez
AVP; MTG SERVICING TEAM MGR II
SIMI – ESCALATIONS
Phone: 1.213.345.7726
Email: [email protected]
Good Luck...Lets us know how it turns out
Thanks for the great contacts Jayne...going in my roledex too!
Is this loan owned by Fannie or Freddie?
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